PN Gadgil Jewellers Ltd IPO Fully Subscribed on Opening Day

The initial public offering of PN Gadgil Jewellers Ltd was fully subscribed within hours of opening for bidding. The Rs 1,100 crore IPO received 1.11 times subscription, with significant interest from retail and non-institutional investors. The IPO concludes on September 12, with a price band of Rs 456-480 per share.

The initial public offering (IPO) of jewellery retail chain PN Gadgil Jewellers Ltd achieved full subscription just hours after opening for bidding on Tuesday.

With an IPO worth Rs 1,100 crore, the share sale saw bids for 1,88,10,800 shares, surpassing the 1,68,85,964 shares on offer, translating to 1.11 times subscription, according to NSE data by 13:48 hours.

The company raised Rs 330 crore from anchor investors a day prior. The IPO, which concludes on September 12, is priced between Rs 456 and Rs 480 per share. The Rs 850 crore fresh issue and Rs 250 crore offer for sale will fund the setup of new stores and debt repayment, among other corporate expenses.

(With inputs from agencies.)